GPT.AX finds support at 200-day moving average


GPT Group (GPT.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
GPT.AX closes above its opening price after recovering from early selling pressure
GPT.AX finds buyers at key support level
GPT.AX finds support at 200-day moving average
GPT.AX finds buyers again around 4.96
GPT.AX still stuck within tight trading range
TQ Sentiment
Report Sentiment: 44% Bullish
Technical Forecast:
Overview

GPT.AX finished Thursday at 5.01 losing A$0.01 (-0.2%). Trading up to A$0.04 lower after the open, GPT Group managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for GPT.AX
Volatility

Thursday's trading range was A$0.08 (1.6%), that's slightly above last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 4.96 and 5.05 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 4.96 during the day, the market bounced off the key support level at 4.96. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 5.05. After having been unable to move lower than 4.96 in the prior session, the stock found buyers again around the same price level today at 4.96. After trading as low as 4.96 during the day, the share found support at the 200-day moving average at 4.98.

Trend

GPT.AX shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 5.05 where further buy stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for GPT Group
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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